“The subprime mortgage crisis is likely to be contained… The Federal Reserve is not currently forecasting a recession” - Ben Bernanke, Jan 10th 2008
https://t.co/RvghfLymdj
*TREASURY SECRETARY YELLEN: BANKING SYSTEM REMAINS RESILIENT
*YELLEN CONFIDENT SVB REGULATORS WILL TAKE APPROPRIATE ACTIONS
*YELLEN SAYS SHE HAS FULL CONFIDENCE IN BANKING REGULATORS
"The market stops panicking when central banks start panicking" - Michael Hartnett
Why does the country feel like a tinderbox? Why did ordinary, working people riot after Southport, march at Unite the Kingdom, protest outside migrant hotels? The establishment, the SW1 lanyard herd, thinks the problem is rightwing agitation—The Populists, the far right and "@elonmusk's Twitter". I am going to help them to understand. Then, I will help us understand them.
So, addressed to the political class, and the establishment opinion formers—the Rory Stewarts, the Emily Maitlises and David Aaronovitches—here is why people are so angry.
Imagine...
...the economic reforms of the 1980s changed Britain. Even if you did not live in a mining, steel or factory community that was gutted, the gap between rich and poor widened dramatically, and the economy became focused on services—especially financial services—that were centred on the South East. Much of the country stagnated and struggled, and just lately there has been a palpable and pervasive sense of outright decay.
Around the millennium, you started noticing that girls in the town were being preyed upon by men of mostly Pakistani origin. It became common knowledge. But you also heard that police dismissed complaints and reports. The council, social services, the government and even the press weren't interested, either. Those who spoke out were called racists, and some were even arrested for taking action themselves. You just had to suck it up. Watch out for your daughters and nieces. One other way the country was going to pot.
Around that time, immigration surged. It was mostly from the EU. Who were all these Eastern Europeans? You'd had a bit of experience with the Spanish, French and Italians—but Poles and Romanians? Different. It was also from South Asia, where you'd experienced problems. But anyway, half the people on your estate seem to be on benefits so why do we need to import more? Maybe train our own to be brickies or plumbers, you think. Nobody cared. Every election you voted for parties that promised to cut immigration, but when they got in power, they did the opposite.
Then came 2008. The people who most benefited from the way Britain's economy had been reorganised almost brought down the world and were bailed out. Nobody was punished. In fact, soon enough, they were paying themselves bonuses while you paid the bill for the bailout and suffered the hit to public services.
Then Brexit. Finally, they've listened!
Except...
...They fight tooth and nail to overturn the result.
...Boris ramps up immigration even more.
Worse, there's the Channel migrants. All these men are dumped in communities that are left to cope on their own. You hear down south one has been arrested for rape; you see them doing what young men with nothing to do always do—milling around—and it's intimidating. Maybe your neighbour's wife has been hassled by one. Again, noone cares. Again, they call you racist for complaining.
And now, the economy's going down the toilet again. You know you'll be paying more taxes, even though you struggle to get an appointment with the doctor, your daughter couldn't get into the local state school, the roads are full of potholes, and your bins are now only collected once a fortnight.
Meanwhile, when you raise your voice, the London middle class roll their eyes as a woman does at a husband she's about to divorce. Sometimes, they're even angry with you.
Aktchully, your concerns are racist. Aktchully, data show white men commit more rapes. Aktchully, MeToo was more important than the Grooming Gangs. Aktchully, crime is going down. Aktchully, if you knew data, you would know there has never been a better time to live in Britain.
You might think none of this is legitimate, but it is how people feel; what they think.
A spark cannot cause a fire without kindling. And there is so much kindling around in Britain today. That is why every terror attack, every perceived double standard, every new policy seems to have the potential to spin out of control.
The Eurocrats have gone totally mad.
@vonderleyen is reserving €800 BILLION in European defense spending to support Ukraine.
Their default position is to claim moral superiority by doing the exact opposite of anything @realDonaldTrump does - even if it unleashes World War III.
Wow! President Trump and JD Vance just told Zelenskyy exactly what millions of Americans have wanted to tell him, right to his face. Someone needed to say it.
Zelensky looked like a petulant child as he attempted to lecture an American president on the need to pay for his adventures. Uncle Joe and Nuland are gone. There is no Vindman mole to burrow from within. CNN doesn’t matter. This comedian’s act is done.
I’m so thankful we finally have a President, Vice President, and Secretary of State who put America’s interests first. No more blank checks and no more forever wars that bankrupt this country.
То ли ещё будет, когда Трамп после 20 января начнёт задавливать тарифами и так полумёртвую европейскую индустрию.
"Ржавый пояс на Рейне" из журналистских метафор превратится в объективную реальность.
Торговая война на три фронта станет для Евросоюза настоящей шоковой терапией.
OUCH! German private sector slides deeper into contraction on services, dealing another blow to an economy grappling with a govt collapse alongside flat-lining growth. The composite PMI dipped to a 9mth low of 47.3 in Nov from 48.6 in Oct – holding below the 50 threshold separating expansion from contraction. Services PMI unexpectedly dropped below 50 for 1st time since Feb. Manufacturing PMI slightly improved to 43.2 from 43 in Oct. (via BBG)
Decision Desk HQ projects that former President Donald Trump (R) has won enough electoral votes to win the Presidency.
#DecisionMade: 1:21am ET
Follow live results here: https://t.co/KhbXnlljiu
Джей Ди Вэнс - даже больший трампист, чем сам Трамп. И он лучшая страховка от покушения
Убьёте Трампа - его место займёт даже более принципиальный правый, так ещё и молодой
А заодно изоляционист и критик поддержки Украины
Лоббистам Киева не позавидуешь
https://t.co/fWm9RIdiEp